Prudential Singapore and NTUC Income have joined hands to help Singaporeans prepare financially for their later years and long-term care needs.
Under the partnership, Income’s Care Secure – a CareShield Life supplement plan, will be made available through Prudential’s network of financial consultants.
This is in addition to Income’s own multi-channel distribution network.
CareShield Life is a long-term care insurance scheme introduced by the Singapore government in October 2020. The scheme aims to provide Singaporeans with basic financial support to help cover their personal and medical care expenses should they become disabled, especially in their old age.
Income’s Care Secure offers its policyholders additional coverage and financial support on top of the coverage already provided by CareShield Life.
With Care Secure, customers will be able to receive their lifetime monthly disability payout if they are unable to perform two or more activities of daily living (ADLs) such as walking or moving around and feeding. This compares with the basic CareShield Life plan, which requires customers to be unable to perform at least three ADLs.
Care Secure also includes a ‘Dependent Benefit’, a feature that provides additional cash payout for up to 36 months to support dependents that the insured may have.
Singaporeans have one of the highest life expectancies in the world at 83.9 years, according to data from Prudential Singapore.
Also, by 2030, it is estimated that 47% of Singapore’s ageing population will experience one or two limitations to their daily living activities, while 53% will have three or more of such limitations.
“Healthcare and nursing home costs have also been increasing over the years. In 2021, the general cost of nursing homes was around S$1,200 (US$863) to S$3,500 monthly, before government subsidies. With inflation increasing and healthcare costs rising, caregivers and loved ones might face even greater financial stress,” Prudential Singapore said.